To the general population, cryptocurrencies are a new piece of technology that only computer-savvy nerds understand and use. The idea behind it is completely unfathomable, and most people are too afraid to invest in or use them due to its complexity.
The truth is, the masses are actually right.
The idea behind cryptocurrency is very complex, and it’s understand that the uninitiated might feel out of their depth. A new study conducted by the Foundation for Interwallet Operability (FIO) surveyed more than 200 active cryptocurrency users in 2018 and reported that 75% of surveyed crypto users fear the failure of transactions while sending crypto.
Crypto Needs Improving Before Mass Adoption
There have been numerous developments to push the adoption of cryptocurrencies and make them easier to buy, sell, store, and transact. However, the industry still needs to make blockchain technology safer, easier, and more convenient when it comes to adopting cryptocurrencies for daily use.
According to the FIO report, if cryptocurrencies are not improved upon in a way that makes them safer and more convenient, most people will not adopt this technology, as they will be unable to feel confident using it in their day-to-day lives.
Moreover, the report also said that 55% of the crypto users who made a crypto transaction at least once in the past year, encountered at least one problem that resulted in the failure of their transaction.
Per the report, surveyed crypto users experienced the following situations in 2018:
- 13% – Sent/received incorrect amount of crypto
- 18% – Sent/started to send the wrong type of blockchain token
- 8% – Sent crypto to the wrong public address
- 18% – Lost funds or had a failed transaction due to a user error in sending/receiving
- 24% – Questioned whether a public address you were given was falsified/manipulated
- 35% – Questioned whether a public address you are sending to is accurate
- 6% – Been a victim of a phishing or man-in-the-middle crypto attack
- 45% – None of the above
Final Thoughts
Many prominent individuals in the crypto space are predicting that the long and brutal crypto bear market is nearing its end. As well, institutional investors are beginning to dive into this industry by buying Bitcoin now. Therefore, the crypto markets may soon turn around and bring in new users sooner rather than later.
However, if the usability of cryptocurrencies does not improve, new investors will be scared off and we won’t achieve the bull run everyone is hoping for. Therefore, it’s of the utmost importance that cryptocurrencies become safer, easier, and more convenient to transact and store.
If 3/4 of the active cryptocurrency users surveyed were afraid to transact crypto in 2018, how can we expect new users with zero prior experience to adopt this technology in the future?
We may just need this bear market to last a little longer so that developers can truly make crypto user-friendly for all. Only then will we be ready for another parabolic bull run and mass adoption.
Does transacting and using crypto scare you? Have you ever lost crypto due to its complexity? Let us know in the comment section below.
